Am I Locked In? (Portability & Ad-Hoc Payments)
At Rockhopper Later Life Finance we are often asked whether taking a lifetime mortgage means being locked in for good. For most modern plans the answer is no. Plans meeting Equity Release Council standards include the right to move home, and many allow voluntary repayments, though repaying in full early can carry a charge.
We work with customers who
- Worry that equity release ties them down permanently
- May want to move home in the future
- Would like to make occasional voluntary repayments
- Want to understand whether they can reduce the balance
- Are comparing the flexibility of different plans
- Want to know what happens if they repay early
Feeling trapped by a long-term financial commitment is an understandable worry. We explain the flexibility that modern plans offer, and the conditions attached, so you can judge whether a plan gives you the freedom you want.
Plans meeting Equity Release Council standards include the right to move and transfer the plan to a new home, provided the new property meets the lender’s criteria. This means a future move, including downsizing, is usually possible.
Many modern lifetime mortgages allow voluntary ad-hoc repayments, often up to a set percentage of the balance each year, without an early repayment charge. Making these payments can reduce the effect of roll-up over time.
Repaying the plan in full earlier than expected may trigger an early repayment charge, depending on the plan and the timing. Some plans also include downsizing protection, allowing repayment without a charge in certain circumstances.
We explain how portable a plan is and what voluntary payments it allows before you commit, and we research the market for the option we believe fits your circumstances.
The Process
Your first conversation is an informal discussion of your circumstances and any questions you have. There is no cost or obligation.
We complete a full fact-find and, where a product is involved, research the market and provide a written recommendation explaining our reasoning.
Every situation is different, and our advice always reflects your particular circumstances.
Speak to a Later Life Adviser
Call 0203 621 5696
Lines open 9am to 5pm Monday to Friday. Alternatively, complete the enquiry form and we will call you back at a time that suits you.